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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Louisiana, a property disclosure statement is a mandatory document that sellers of residential real property must provide to prospective buyers. This document is governed by Louisiana Revised Statutes 9:3198, also known as the Residential Property Disclosure Act. The law requires sellers to disclose any material defects or problems with the property that are known to them at the time of the sale. The disclosure must include details about the property's condition, including but not limited to issues with the structure, environmental hazards, and any other significant defects. The purpose of this disclosure is to inform buyers of the condition of the property before the sale is completed. If a seller knowingly withholds information about defects, they could be held liable for damages. It's important to note that the disclosure does not serve as a warranty of condition, and buyers are still encouraged to conduct their own inspections and due diligence.

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Real property

property disclosure statement

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Louisiana State Code

Louisiana State Code

Real property

property disclosure statement

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